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re: Anyone that would help me with my finances? Update (4/7/23) - Page 1
Posted on 2/4/23 at 12:32 pm to NATidefan
Posted on 2/4/23 at 12:32 pm to NATidefan
Stop worrying about the past. You don't really have debt, so that's a huge start.
Just focus on 2 things moving forward and you will be fine. Save 15% or more to retirement, up to 25% is better, and save at least 5% as savings until you have $10-20k. I mean you basically have that, so you can just save in retirement.
Work on your career and earning more.
If you do the above, live within your means, you'll be just fine.
Just focus on 2 things moving forward and you will be fine. Save 15% or more to retirement, up to 25% is better, and save at least 5% as savings until you have $10-20k. I mean you basically have that, so you can just save in retirement.
Work on your career and earning more.
If you do the above, live within your means, you'll be just fine.
2
Posted on 2/4/23 at 4:12 pm to baldona
Does anyone have a good summary article for HSA benefits/mechanics? It always just seemed like a hassle to me. But my wife and I also don’t have kids yet, we will soon and maybe I will understand more then.
Posted on 2/4/23 at 6:37 pm to NATidefan
No one has actually given you advice yet. This board is slipping. How much do you have in your 401k? Not the combined 40k. Also, what investment options do you have in your employer sponsored account? Give me those and I'll crush some numbers and tell you how I would handle it.
Posted on 2/4/23 at 7:14 pm to NATidefan
Ok some of the things I am going to recommend here some will disagree with BUT if you do them you will have peace of mind and will be financially secure:
1) Never carry credit card debt. If you can't limit your spending to what you can pay off every month then tear up the cards and throw them away
2) stay away from car notes---I don't care what the interest rate is--Do this and number 1 and you will be debt free except for your mortgage. It is a good place to be.
3) max out a Roth after putting the most your employer will match into a 401K
4) start funding a 529 for your kid's education
If you have done all those things your finances will take care of themselves.
If you already have debt in number one and two find a part time second job and pay them off. You can live pretty comfortable on your income if you stay out of debt.
1) Never carry credit card debt. If you can't limit your spending to what you can pay off every month then tear up the cards and throw them away
2) stay away from car notes---I don't care what the interest rate is--Do this and number 1 and you will be debt free except for your mortgage. It is a good place to be.
3) max out a Roth after putting the most your employer will match into a 401K
4) start funding a 529 for your kid's education
If you have done all those things your finances will take care of themselves.
If you already have debt in number one and two find a part time second job and pay them off. You can live pretty comfortable on your income if you stay out of debt.
This post was edited on 2/4/23 at 7:17 pm
Posted on 2/4/23 at 8:36 pm to kung fu kenny
quote:
Does anyone have a good summary article for HSA benefits/mechanics? It always just seemed like a hassle to me.
If you don’t have a high deductible health plan, you’re not eligible to have one. If you do, I’m not sure what the hassle would be. Contribute, save, get triple tax advantages. If you want to pay for medical bills out of the account, use the account. If you don’t, pay out of pocket and save the receipts for future use. Pretty easy.
Posted on 2/4/23 at 10:38 pm to AUCE05
I have 12k in mine.
It's a fidelity account. I haven't really checked with my employer, but it appears from what the account says I can manage my own investments. There is a option to manage my own. "Take control of your portfolio and choose your investments from a list of avaliable funds."
Its all in Vang target ret 2045 right now.
My wife has 17k in Voya that I haven't really looked at for options and 9k in a Fidelity one from a previous employer. Also in Vang Target RET investments.
It's a fidelity account. I haven't really checked with my employer, but it appears from what the account says I can manage my own investments. There is a option to manage my own. "Take control of your portfolio and choose your investments from a list of avaliable funds."
Its all in Vang target ret 2045 right now.
My wife has 17k in Voya that I haven't really looked at for options and 9k in a Fidelity one from a previous employer. Also in Vang Target RET investments.
Posted on 2/4/23 at 11:01 pm to AUCE05
I'll be able to take out what I put in ibonds last year in May. But plan to wait til September, since it will lose thr last 3 months interest earned.
I expect the rate that comes out in May will be low enough I would want to take out at least some of it. I've thought about leaving my emergency fund amount in there depending on rates.
So when I take it out, I'll want to get it into something else as quickly as possible I assume.
Should I just up our 401k contributions to try to max 401k for us this year. Then use the ibond money we take out to cover expenses? Then readjust the 401k contribution to what we can afford once we have got the ammount that came out of ibonds in there?
I guess that's one of my biggest questions is what to do with the 65k when I get ready to pull it out.
I expect the rate that comes out in May will be low enough I would want to take out at least some of it. I've thought about leaving my emergency fund amount in there depending on rates.
So when I take it out, I'll want to get it into something else as quickly as possible I assume.
Should I just up our 401k contributions to try to max 401k for us this year. Then use the ibond money we take out to cover expenses? Then readjust the 401k contribution to what we can afford once we have got the ammount that came out of ibonds in there?
I guess that's one of my biggest questions is what to do with the 65k when I get ready to pull it out.
This post was edited on 2/4/23 at 11:03 pm
Posted on 2/4/23 at 11:11 pm to NATidefan
I’ve used PolicyGenius and SelectQuote when searching for term life in the past. They get you to fill out some information about yourself and then use that info to search multiple companies that fit the criteria they compile from your question responses.
They sent me a list of five or six A+ and A++ rated companies and a price estimate from each company for the amount of coverage I desired.
If your health is still reasonably good you can buy more now than at any time in your future. Age, health, smoking or not, family health history all come into play so if your health is good now take action to purchase; you risk getting good premiums and possibly not being able to buy if you wait till a health issue occurs,
So generally, the younger and better health you’re in, the better the time is to buy.
I’d recommend getting as much as you think you need and can afford for as long of a term as they allow. You can always cut the term later if you wanted but you can’t always buy more later if you get unexpectedly sick, there are some health conditions they won’t insure.
In my opinion, term life is the only affordable way to get large coverage.
They sent me a list of five or six A+ and A++ rated companies and a price estimate from each company for the amount of coverage I desired.
If your health is still reasonably good you can buy more now than at any time in your future. Age, health, smoking or not, family health history all come into play so if your health is good now take action to purchase; you risk getting good premiums and possibly not being able to buy if you wait till a health issue occurs,
So generally, the younger and better health you’re in, the better the time is to buy.
I’d recommend getting as much as you think you need and can afford for as long of a term as they allow. You can always cut the term later if you wanted but you can’t always buy more later if you get unexpectedly sick, there are some health conditions they won’t insure.
In my opinion, term life is the only affordable way to get large coverage.
Posted on 2/4/23 at 11:38 pm to NATidefan
You are scary behind, but not completely lost. You gotta realize the hole you are in. You can't delay anymore. I would put 100% of the 12k in a institutional 500 index. Max out your 401k and also in the 500 index. IF you do this, you could retire in 20 years. Don't screw with bonds.
ETA
I will say investing is a luxury and privilege. Make sure you are supporting yourself first.
ETA
I will say investing is a luxury and privilege. Make sure you are supporting yourself first.
This post was edited on 2/4/23 at 11:40 pm
Posted on 2/4/23 at 11:44 pm to AUCE05
Well I put the money in ibonds last year cause the bonds were 9.62 percent for 6 months, and now earning 6.8 I think for the next 6 months. It was money I got from selling land right before that. The stock market sucked at the time and I really didn't know what else to invest it in.
I figured putting it in that would be safe and earn a good percentage and buy me some time to figure what to do with it next.
I figured putting it in that would be safe and earn a good percentage and buy me some time to figure what to do with it next.
Posted on 2/4/23 at 11:50 pm to HighlyFavoredTiger
Thanks
Posted on 2/5/23 at 12:08 am to AUCE05
quote:
institutional 500 index.
Can you explain the difference to me in this and what I currently have it in? The vanguard 2045 retirement fund.
I'm sorry, I really know nothing about the stock market which is why I've been so hesitant to do things regarding it.
Also, I'm not so sure why you think I'm far behind based on my 401k seperate from my wife.
Most of the 120k between us is mine technically (90k of it). I put up the money for down payment for the house and its in my name, the land I bought was 30k of my money and sold it three years later for 65k. (Wish I could do that every 3 years)
She and I are a team, so I don't understand why you are judging it separately.
Could we get divorced? I suppose it could happen.
This post was edited on 2/5/23 at 12:28 am
Posted on 2/5/23 at 12:23 am to NATidefan
quote:
we have about 20k in savings for emergency funds.
Good job
quote:
We have about 77k left on our house to pay off with a 4% rate
Not a priority to pay down
quote:
my wife and I make about 110k together total a year.
If you both have the ability to contribute to 401k plans this gives you more options.
Before April you can max out the 2022 traditional IRA contributions for both you and your wife. That's $12,000 you can still save from 2022 and reduce your taxable income by that amount ($12k for 22, $13k in 23).
In general people in middle class tax brackets probably should stay away from roth and do traditional IRA and 401k contributions for the tax benefits.
To increase your retirement savings talk with your wife about the long term plans including family goals, work goals, retirement goals, etc. If you want children those are arguably a priority over the savings because you may run out of biological clock time before the finances feel secure.
Anyway, easiest ways to save more money include wasting less money, working extra hours and saving the extra money, saving 50% or more of your raises, and improving your skills to improve your earning potential.
Most people prioritize:
1. "Free money"- always save at least what your employer will match in your 401k etc.
2. Tax deductible retirement investments (traditional IRA, traditional 401k, HSA if possible) to accumulate compounded returns and reduce your tax bills.
3. Roth IRA if you are over the traditional IRA income threshold for tax deduction.
4. Non retirement account investments after all possible tax savings are maxed.
Posted on 2/5/23 at 12:35 am to molsusports
quote:
Before April you can max out the 2022 traditional IRA contributions for both you and your wife. That's $12,000 you can still save from 2022 and reduce your taxable income by that amount ($12k for 22, $13k in 23).
I just submitted our taxes tonight, so I'm assuming that's not a option now?
quote:
To increase your retirement savings talk with your wife about the long term plans including family goals, work goals, retirement goals, etc. If you want children those are arguably a priority over the savings because you may run out of biological clock time before the finances feel secure.
I discuss everything with her, but it's pretty much my decision on everything as what we do with both her extra money and mine.
This post was edited on 2/5/23 at 12:36 am
Posted on 2/5/23 at 12:42 am to NATidefan
quote:
I just submitted our taxes tonight, so I'm assuming that's not a option now?
I think you can submit an adjustment with a tax professional. The deadline for contributing to last year's IRA is April 15
Should still be possible. Edited to clarify I know you can contribute the 22 IRA so long as you contribute by April 15. The tax savings being claimed in an efficient manner requires submitting a correction on your taxes - which is obviously worth it
quote:
I discuss everything with her, but it's pretty much my decision on everything as what we do with both her extra money and mine
That might simplify things but it would usually be nice to keep the other party informed (and hopefully enthusiastic) about the approach. Wives that understand the grind appreciate the grind more often
This post was edited on 2/5/23 at 12:59 am
Posted on 2/5/23 at 7:13 am to NATidefan
quote:
I'm 42, my wife and I make about 110k together total a year.
Y’all aren’t doing terrible all things considered. I’m a big fan of trying to maximize the top line, makes saving easier. Can I ask what you do? Do you get your EE degree? Asp If you had a 3.8 in EE and almost graduated, feels like you have a pretty good feel for electronics and you alone could make 110k year.
Posted on 2/5/23 at 7:40 am to barry
You're being proactive about your finances which puts you ahead of most. You're doing a good job, keep it up!
Posted on 2/5/23 at 8:16 am to NATidefan
quote:
My problem is alot of people's finiancial "goals" don't fit me or my situation.
I don't think you've told us what those goals actually are? What are your financial goals?
quote:
I'm ok with working til I die if I have too.
Unfortunately, your health could take a bad, but not lethal turn rendering this course of action untenable. In addition to life insurance (which I think is a must in your situation), you're going to have to consider long-term disability insurance.
Also, this $110K, combined - is this relatively fixed through age 65 or is she considering retiring before she dies? Do you have promotion potential where you're at?
As an aside, I was essentially zeroed out about your age as well. I did have a pension to look forward to (and now I will have two pensions), which makes my cash situation a little easier to manage.
It's been covered here, but definitely do not leave any matching funds on the table. That's free money that you can never double back to retrieve.
Ultimately, you're going to have to spell out specifics for your target financial situation at retirement, whether that is in 25 years (age 67) or perhaps even beyond.
Are you going to have a mortgage in retirement? Do you and your wife have expensive hobbies and/or plan to travel significantly in retirement? Are there pensions/passive income streams other than social security in the future?
As far as your own goals, it is almost impossible to achieve those without putting pencil to paper and figuring out exactly what those are.
Posted on 2/5/23 at 8:33 am to NATidefan
quote:
Can you explain the difference to me in this and what I currently have it in? The vanguard 2045 retirement fund.
500 index is all stock of top fortune 500 companies I believe general in proportion so fund does what top 500 does
2045 fund is stock, bonds maybe real estate in a mux that makes sense for some retiring in 2045. So as you get closer to and in retirement it is more fixed income so more secure and you can start withdrawing funds
At least that's what I think
This post was edited on 2/5/23 at 8:41 am
Posted on 2/5/23 at 8:44 am to barry
quote:
Y’all aren’t doing terrible all things considered. I’m a big fan of trying to maximize the top line, makes saving easier. Can I ask what you do? Do you get your EE degree? Asp If you had a 3.8 in EE and almost graduated, feels like you have a pretty good feel for electronics and you alone could make 110k year.
I'm a Electronics Test and Debug Technician for Military electronics.
I tried to go back and finish my EE at one point, but it became quickly apparent to me that I had lost the upper level mathematical skills to finish that degree. I would kinda have to start over at CAL 1. Most people I assume just don't remember how to do differential equations, etc after they haven't done them for 10 years.
I am constantly looking for other job opportunities though and have considered getting a degree in electronics technology. But I'm really not sure it would translate to anymore than I'm making now. I know my current employer wouldn't raise it based on that for sure.
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